Searching for a new Hyundai? Whether you are commuting into Binghamton, NY, for work, or you are just running errands around Oneonta, Cobleskill, and Norwich, NY, you are sure to find a model you love here at Royal Hyundai.

Here at our dealership, we make it easy to get behind the wheel when you are ready to do so, presenting you with two options: buying and leasing. Which is the best option for you? Take the first step towards finding out with this guide that covers the differences between leasing vs. buying a Hyundai.

What Is a Lease?

So, what exactly is a lease? Well, it is a financial option available to you when you’re looking to take home a new vehicle. Leasing is a short-term investment where you make monthly payments on a vehicle for a period of time, then return it to the dealer when your contract is up.

Really, a lease operates almost like rent. You’ll make monthly payments for a short period of time, usually two to three years, which will allow you to drive a particular vehicle for that set time period.

What Is Financing?

On the other side of the coin, if you are looking to buy, financing will be the best option for you to pursue. When you finance a vehicle, you place a down payment on it, then make subsequent monthly payments on the vehicle until you own it outright.

When you finance a car, you will usually make payments on it for longer, depending on how much you put down and how expensive the car is overall. Then, once you are done making payments, instead of returning it like you would with a lease, you keep the vehicle.

Which Is Better? Leasing or Financing?

So, which of these two financial routes is the best option for you? Well, really, that depends upon your wants and needs.

Leasing can be a great option for someone who is looking for a smaller financial commitment. With a lease, you will typically pay nothing upfront, less on a monthly basis, and will also be responsible for fewer repair costs.

Conversely, financing offers you more liberty over a vehicle. You won’t have any mileage limits, so you can drive it wherever and whenever you want. Plus, you own the vehicle, so you can customize it any way you see fit.